Smokers annuities a good deal

Smokers annuities. Remember that New Year’s resolution, to quit smoking (again !). Well, some good news…regular smokers qualify for a higher pension annuity at retirement. Partnership Assurance, a specialist annuity provider, has announced rates especially for smokers. To qualify for these enhanced annuity rates you must have smoked at least 10 cigarettes a day for the past ten years. Partnership joins the ranks of other annuity specialists, such as Just Retirement and LV=, looking to make ground in the ever-increasing annuity market place. Sales of annuities are increasing by tens of thousands per year, thus proving to be a market to capitalise on. This has got to be good news for the annuity buyer, having a competitive market with ever changing rates. Smokers are given better rates because they are not expected to live so long in retirement, so the pension fund is spread out over fewer years. The sad thing is that not everyone knows they can shop around for better annuity rates when they approach retirement. And it really could make a difference, perhaps up to one-third more retirement income in some cases.